Latest updates

Potential causes of action in relation to funds in financial difficulty
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 02 July 2020

In these uncertain times, investors in investment funds are increasingly looking at options regarding their investment, including ways in which to redeem or recover it. However, if the fund in question is in financial difficulty, it may be harder for those investors to take action against the directors of the fund or recover their monies in full. This article looks at some of the ways in which investors in Guernsey funds which are in financial difficulty can assess the extent of that difficulty or recover their investment.

Company administration regime
Ogier
  • Insolvency & Restructuring
  • Guernsey
  • 19 June 2020

The Companies Law provides for companies, protected cell companies, incorporated cell companies and cells thereof to be placed into administration and for an administrator to be appointed to manage their affairs while the administration order remains in force. In January 2020 an ordinance was passed, introducing various changes to insolvency law in relation to both administrations and liquidations. This article sets out the changes which affect new administrations.

Company administration regime
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 18 June 2020

The Companies Law provides for companies, protected cell companies, incorporated cell companies and cells thereof to be placed into administration and for an administrator to be appointed to manage their affairs while the administration order remains in force. In January 2020 an ordinance was passed, introducing various changes to insolvency law in relation to both administrations and liquidations. This article sets out the changes which affect new administrations.

COVID-19: government financial support for employers
Ogier
  • Employment & Immigration
  • Guernsey
  • 17 June 2020

This article outlines the financial support available to employers in Guernsey that have been adversely affected by measures introduced to manage the spread of COVID-19. Such support includes the payroll co-funding scheme, grants for small businesses and the self-employed, the Hardship Fund and deferrals of social security.

COVID-19: government financial support for businesses
Ogier
  • Real Estate
  • Guernsey
  • 12 June 2020

This article outlines the real estate-related financial support available to businesses in Guernsey that have been adversely affected by measures introduced to manage the spread of COVID-19. Such support includes deferrals of tax on real property payments and government rent deferrals and renegotiations.

COVID-19: government financial support for businesses
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 11 June 2020

This article outlines the financial support available to businesses in Guernsey that have been adversely affected by measures introduced to manage the spread of COVID-19. Such support includes the payroll co-funding scheme, grants for small businesses and the self-employed, the Hardship Fund, deferrals of social security and tax on real property payments and government rent deferrals and renegotiations.

Executing wills during lockdown
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 28 May 2020

The legal formalities for executing a will in Guernsey aim to prevent fraud and undue influence. A will must be in writing and it must be signed, or the signature must be acknowledged, by the testator in the presence of two or more witnesses who are present at the same time. The witnesses must then sign the will in the testator's presence. These requirements do not normally cause much of a problem but can become quite challenging in the context of COVID-19.

COVID-19 restructuring and corporate recovery measures
Ogier
  • Insolvency & Restructuring
  • Guernsey
  • 22 May 2020

Many of the key emergency legislative measures put in place to combat the effects of COVID-19 have been aimed at protecting the local economy, with the focus on the prevention of insolvency rather than insolvency itself. These measures include a payroll co-funding scheme, a grant for small businesses and the self-employed and a guarantee scheme, under which the states will work with the high street banks to provide loans to trading businesses with an annual turnover of less than £10 million.

COVID-19 restructuring and corporate recovery measures
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 21 May 2020

Many of the key emergency legislative measures put in place by the states of Guernsey to combat the effects of COVID-19 have been aimed at protecting the local economy, with the focus on the prevention of insolvency rather than insolvency itself. These measures include the introduction of a hardship fund, the Coronavirus Payroll Co-funding Scheme and a £3,000 grant for small businesses and the self-employed.

Electronic signing of documents in light of COVID-19
Ogier
  • Corporate & Commercial
  • Guernsey
  • 04 May 2020

With self-isolation and social distancing now the rule rather than the recommendation, working from home has become the norm. Although these actions have proven necessary, they also present certain logistical and administrative obstacles to companies continuing their business efficiently and effectively. Key questions in this regard are whether the directors of a Guernsey company can execute documents electronically and whether they can rely on documents executed in such a manner.

Electronic signing of documents in light of COVID-19
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 30 April 2020

With self-isolation and social distancing now the rule rather than the recommendation, working from home has become the norm. Although these actions have proven necessary, they also present certain logistical and administrative obstacles to companies continuing their business efficiently and effectively. Key questions in this regard are whether the directors of a Guernsey company can execute documents electronically and whether they can rely on documents executed in such a manner.

Rusnano Capital AG decision
Ogier
  • Litigation
  • Guernsey
  • 31 March 2020

In a recent case, the Guernsey Court of Appeal upheld the deputy bailiff's interpretation of Section 53(3) of the Trusts (Guernsey) Law 2007 that a sole beneficiary can use that section of the law to terminate a discretionary trust even if the trust instrument contains a power to add further beneficiaries.

Rusnano Capital AG decision
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 26 March 2020

In a recent case, the Guernsey Court of Appeal upheld the deputy bailiff's interpretation of Section 53(3) of the Trusts (Guernsey) Law 2007 that a sole beneficiary can use that section of the law to terminate a discretionary trust even if the trust instrument contains a power to add further beneficiaries.

Avoiding trust litigation in divorce proceedings
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 27 February 2020

When considering a trust structure for the express purpose of asset protection within family succession planning, the prospect of divorce is never far from the settlor's or draftsperson's mind. Divorce is a costly undertaking and never more so than when consideration must be given to offshore trust assets and the role of a trustee. Combined with the additional possibility of a successful claim against trust property, the cost has the potential to wipe out the anticipated benefit to future generations.

2020 heralds insolvency law changes
Ogier
  • Insolvency & Restructuring
  • Guernsey
  • 07 February 2020

The States of Guernsey recently passed the Companies (Guernsey) Law 2008 (Insolvency) (Amendment) Ordinance 2020, making Guernsey an even more desirable forum for insolvency proceedings. The changes show that Guernsey is prepared to arm insolvency office holders with the necessary tools and powers to tackle, draw in and preserve the assets of an insolvent company for the benefit of creditors.

2020 heralds insolvency law changes
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 06 February 2020

The States of Guernsey recently passed the Companies (Guernsey) Law 2008 (Insolvency) (Amendment) Ordinance 2020, making Guernsey an even more desirable forum for insolvency proceedings. The changes show that Guernsey is prepared to arm insolvency office holders with the necessary tools and powers to tackle, draw in and preserve the assets of an insolvent company for the benefit of creditors.

Guernsey's data protection regime – shifting attitudes
  • Tech, Data, Telecoms & Media
  • Guernsey
  • 10 January 2020

A shift in Guernsey's corporate and individual attitude towards the misuse of data is now central to the Office of the Data Protection Authority's (ODPA's) future approach to governance and enforcement in Guernsey. This article rounds up the key issues which the ODPA has communicated and which will dictate its approach, including changes in workplace culture and the delayed introduction of the self-funded charging system.

Guernsey's data protection regime – shifting attitudes
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 09 January 2020

A shift in Guernsey's corporate and individual attitude towards the misuse of data is now central to the Office of the Data Protection Authority's (ODPA's) future approach to governance and enforcement in Guernsey. This article rounds up the key issues which the ODPA has communicated and which will dictate its approach, including changes in workplace culture and the delayed introduction of the self-funded charging system.

Family matters: why the world's wealthiest are setting up family offices in Guernsey
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 31 October 2019

Wealth is increasing exponentially among some of the world's richest families to the extent that, for many of these families, it makes commercial sense to set up their own bespoke family office to look after their key operations – and they are increasingly looking to Guernsey as the place to do it. There are a range of factors as to why Guernsey is becoming a jurisdiction of choice in this regard, including political stability and the fact that it has the expertise and personnel to manage family offices well.

Regulation in Guernsey – what happens when it goes wrong
Ogier
  • Private Client & Offshore Services
  • Guernsey
  • 18 July 2019

This article has been removed at the request of the contributing firm.